Ace Engineering (India) Private Limited availed two credit facilities from Jammu & Kashmir Bank Ltd.: a Cash Credit facility of Rs.9 Crores and a Secured Overdraft facility of Rs.4 Crores.

The credit facilities were secured by personal guarantees and immovable properties of Shri Siddharth Bhatia and Shri Munish Bhatia, who were directors of the company.

On 31.03.2016, both loan accounts were classified as Non-Performing Assets (NPAs).

On 20.04.2016, an Agreement to Sell and Power of Attorney was executed between the Corporate Debtor and the guarantors, where the Corporate Debtor agreed to transfer 175 Kanals of land in lieu of the guarantors taking over responsibility for repayment.

Ace Engineering (India) Private Limited availed two credit facilities from Jammu & Kashmir Bank Ltd.: a Cash Credit facility of Rs.9 Crores and a Secured Overdraft facility of Rs.4 Crores.

The credit facilities were secured by personal guarantees and immovable properties of Shri Siddharth Bhatia and Shri Munish Bhatia, who were directors of the company.

On 31.03.2016, both loan accounts were classified as Non-Performing Assets (NPAs).

On 20.04.2016, an Agreement to Sell and Power of Attorney was executed between the Corporate Debtor and the guarantors, where the Corporate Debtor agreed to transfer 175 Kanals of land in lieu of the guarantors taking over responsibility for repayment.